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How to Analyze Project Risk

How to Analyze Project Risk

Any project would do well with professional risk analysis. It’s the process of figuring out how likely risk will occur in a specific project. It helps project managers and employees identify potential risks and how they would impact project results in terms of schedule, costs, and quality.

Besides that, there are several reasons why a company would want to conduct a project risk analysis, such as:

  • Avoid potential litigation
  • Address regulatory issues
  • Comply with new legislation
  • Reduce exposure
  • Minimize impact
  • Gather important input for decision making during all stages of Project Management in Winterville, NC

Risk Analysis Process
There are three main steps to risk analysis:

  1. Identifying potential risks.

    Gather your team and brainstorm on possible risks and opportunities linked to your company/organization. Some of the most common risks are:

    • Ill-defined project scopes
    • Inaccurate cost forecasts
    • Stakeholder conflict over proposed changes
    • Stakeholder turnover
  2. Identify risk probability.

    Calculate the odds that a certain risk will occur in your organization. Rate each risk you’ve listed with low, medium, and high probability.

  3. Identify risk impact.

    How much will this risk affect your overall operations? One way your organization can stay Agile in North Carolina is to build a solid impact analysis to identify which risk will have the biggest impact on your project’s outcomes.

Once all steps have been properly executed, you and your team can move on to planning risk management.

Services and Assistance You Need
Here at Centurion Project Management, we do our best to provide our clients with top-notch project and Product Management services to help them reach business and organizational goals more easily and effectively. To find out more about our services, please contact us, today!

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